70Offence—ongoing duty to update suitability information

70 Offence—ongoing duty to update suitability information (1) This section applies to an entity if— (i) the director-general is deciding whether the entity is a suitable entity for a stated purpose; or (ii) the director-general has decided that the entity is a suitable entity for a stated purpose and the entity is exercising functions for the purpose; and (b) the entity has given the director-general suitability information about the entity. Note Suitability information is defined in s 65. (2) The entity commits an offence if— (a) the entity’s suitability information under section 65 (1), definition of suitability information, paragraph (a), (b) or (c) changes; and

(b) the entity does not tell the director-general about the change as soon as practicable, but not later than 7 days after the change (3) The entity commits an offence if— (a) the director-general gave the entity written notice that the suitability information under section 65 (1), definition of suitability information, paragraph (d) was being considered in deciding whether the entity was a suitable entity; and (b) the entity becomes bankrupt or personally insolvent; and (c) the entity does not tell the director-general about becoming bankrupt or personally insolvent as soon as practicable, but not later than 7 days after becoming bankrupt or personally insolvent. Note Bankrupt or personally insolvent—see the Legislation Act, dictionary, pt 1. (4) The entity commits an offence if— (a) the director-general gave the entity written notice that the suitability information under section 65 (1), definition of suitability information, paragraph (e) was being considered in deciding whether the entity was a suitable entity; and

(b) any of the following occurs: (i) a court convicts the entity, or finds the entity guilty, of an offence involving fraud or dishonesty; A conviction, or finding of guilt, against the entity under the Criminal Code, ch 3 (Theft, fraud, bribery and related offences). (ii) a tribunal, or an authority or person with the power to require the production of documents or the answering of questions, makes a finding against the entity about its honesty or integrity; and (c) the entity does not tell the director-general about the finding as soon as practicable, but not later than 7 days after the finding is made.